How to Open a Bank Account in Norway


Norway is known for its thriving economy, making it a preferred destination for expats and investors. It is a good place for students, workers, retirees and investors. Norway’s currency is the Norwegian Crown but it is nevertheless part of the EEA. This is a guide on how to open a bank account in Norway.

Documents Needed to Open a Bank Account in Norway

  • Passport
  • Norwegian National Identity Number
  • A rental contract
  • A recommendation letter from your home country bank

Where to Get the Documents needed

You can get your Norwegian National Identity Number from the local tax assessment office if you wish to stay in the country for more than six months. It is possible to open a bank account online, but you will need to liaise with a credit rating company such as Experian to process and have your account approved. Also, you will be required to make identity verification. This is done once you receive a letter from the bank. You can do the verification in a post office.

How to Open an Account Remotely

To open a bank account online, you must first obtain a Bank ID. The Bank ID is useful in other areas, such as paying bills, signing legal documents. To get a Bank ID, you only need to present your passport to your bank of choice. Once you are issued with the Bank ID, you can then open an account online. You can also open an online bank account remotely, I’ll explain a bit further down.

Norwegian IBAN account

Norway is not part of the European Union (and the Euro) but it is part of the European Economic Area (EEA) and the Single Euro Payments Area (SEPA) as a non-Euro country. With a Norwegian IBAN account, you can transfer money for free between other accounts in the SEPA.

Open Bank Account Norway Non Resident

Opening a bank account in Norway as a non-resident is possible, but it definitely is not for everyone.

  • You must be from SA, Japan, New Zealand, Switzerland, Canada, Singapore and Iceland or be an EU citizen. So US and UK citizens can’t.
  • If you qualify, you are then required to deposit 100,000 euros. That’s a lot of euros.
  • It takes around six weeks to have the account processed. So not for the rushed.

You can access the Service Center for Foreign Workers to get all the necessary information about a bank account in Norway.

Online Banks for Use in Norway

Some touristic hotspots excluded, you can only pay in Norwegian Kroner in Norway. Euro, Pound and Dollar can easily be exchanged – against a fee. So only either Kroner bank accounts or multicurrency online bank accounts are useful here.

N26 offers a kind of multicurrency account thanks to their integration of WISE exchange. But it is not a Kroner account.

You can also open a multicurrency bank account directly at WISE. It’s very easy to exchange money between Euro, Pound, Dollar and Kroner (and twenty other currencies). But you’re still exchanging. When working a job in Norway and getting paid in Kroner, you might want to check out one of the following Norwegian bank accounts.

When sending money back home, WISE of course does come in handy because exchanging is not only much easier online than going to an exchange office – through WISE it’s also cheaper.

Best Banks in Norway

Norway has both local and international banks. The following are some of the banks that you might consider opening an account with.

Nordea Bank

Nordea Bank has the largest network of ATMs and branches in Norway. It has 240 branches and 233 ATMs in Norway. They offer youth, children, current and savings accounts. The basic Nordea Bank Brukskonto has a 25 KON monthly fee.

Their website is only partly in English but their banking app is completely, and the customer service chat is good. It is possible to open a bank account online if you have a Bank ID.


open bank account Norway

Skandia Bank has a Norwegian-only website. You can access most of their services online while their prices are also available online. You can apply for a mortgage online and other services through Skandia Banken.

Bank Norwegian

Bank Norwegian has branches in Norway, Denmark, Sweden, Finland, Germany and Spain and websites in the corresponding languages. They only offer credit, credit card, mortgage and a savings account. Bank Norwegian also offers a Credit Account Norway.

Danske Bank

Danske Bank has 36 branches and 73 ATMs in Norway. They have a completely english version of their website but for actual products to be used in Norway, you have to go to their Norwegian language website.

The bank offers three types of current accounts. Basic Account with VISA creditcard for 300 NOK annually; Gold Reward Account for 50 NOK monthly without further fees with VISA creditcard and a travel insurance; and a Platinum Reward Card for 75 NOK monthly without further fees, with all the services of the other current accounts and additional free access to an airport lounge.

The bank has different types of savings account and a free student account. Unfortunately, the bank does not offer a business account.


open bank account norway

DNB Bank has 18 branches and 47 ATMs in the country. DNB Pluss costs 295 NOK yearly and gives you a current bank account, banking app in english and VISA card. Their website is in English and you can use it to open an account online if you have a Bank ID.

Sparebanken Vest

Sparebanken Vest offers current, student and business accounts. However, it does not provide a savings account. They have a VISA Smart current account which you can use to make online payments and make cash withdrawals. You can open an account online if you have a Bank ID. The current account attracts a Visa Card fee of 275 NOK every year. Their credit card comes with free travel insurance.

Banking Fees in Norway

Banking Fees for Norwegian Banks

  • DNK: 275 NOK for VISA and no charges for MasterCard accounts
  • Nordea attracts a VISA fee of 300 NOK
  • Danske Bank attracts 300 NOK VISA fee
  • Sparebanken Vest attracts 275 NOK and 200 NOK for Visa Electron

Normal accounts do not attract monthly fees. However, reward accounts attract monthly payments that come with extra perks, such as access to the airport lounge and travel insurance. Withdrawing cash from rival bank ATMs attracts a fee between 7 and 10 NOK. DNB charges 10 NOK for any ATM withdrawals and 40 NOK and 1% of the withdrawal amount in case you are using a MasterCard.

International Money Transfer Charges

Sending money abroad is very expensive. DNB is the cheapest at a rate of 1.95% for international transfers. Other banks charge between 0.5-1% exclusive of additional charges, which can sum up to between 20 to 30 NOK. The exchange rate is usually very poor while currency conversion attracts other fees. You can use TransferWise as an alternative while sending money abroad. With TransferWise, you will enjoy real-time mid-market exchange rates. Their charges are transparent are a much lower compared to banks.

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Vincent is a writer and researcher with an interest in finance, banking, startups, and remittance. He holds a Bachelors degree in Applied Statistics with computing. He founded Nexin Startups, an online platform offering startup advice to investors and entrepreneurs. Read more about us and our authors.